Perth – 5 July 2011 – Brookfield is pleased to announce that it has lodged a Development Application (DA) for a second office tower at 123 St. Georges Terrace in the City Square precinct of Perth’s Central Business District.
The DA outlines plans for a 16-level, premium-grade office tower with approximately 30,000 square metres (323,000 square feet) of net lettable area. Brookfield intends to build the tower with a central lift core, conference facilities, 110parking spaces, and will be targeting a 5-Star NABERS energy rating.
The proposed development will add to the existing City Square precinct which is currently under construction and includes a 45-level, 75,000 square metre (807,300 square feet) office tower along with7,000 square metres (75,000 square feet) of restored heritage buildings that will contain retail, food and beverage outlets.
When complete, the City Square precinctwill create new public spaces in the heart of Perth, and the development’s proposed second tower will be fully integrated into the City Square precinct providing greater connectivity to pedestrians accessing the Bus Port and Esplanade Train Station to the City Centre. The DA also incorporates a sheltered upper-level walkway along Mounts Bay Road.
Brian Kingston,President and Chief Executive Officer of Brookfield Office Properties, Australian Commercial Operations, said: “We are delighted to be advancing our plans for a second office tower on the City Square site, which is set to redefine Perth’s city centre. We have had strong interest in the proposed tower from a range of potential tenants and are confident in the ongoing strength and growth of the Perth office property market.”
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About Brookfield Office Properties
Brookfield Office Properties owns, develops and manages premier office properties in the United States, Canada and Australia. Its portfolio is comprised of interests in 109 properties totaling more than 76 million square feet in the downtown cores of New York, Washington, D.C., Houston, Los Angeles, Toronto, Calgary, Ottawa, Sydney, Melbourne and Perth, making it the global leader in the ownership and management of office assets. Landmark properties include the World Financial Center in Manhattan, Brookfield Place in Toronto, Bank of America Plaza in Los Angeles, Bankers Hall in Calgary, Darling Park in Sydney and City Square in Perth. The company’s common shares trade on the NYSE and TSX under the symbol BPO. For more information, visit www.brookfieldofficeproperties.com.
About City Square
City Square is one of Australia’s most significant commercial developments, currently under construction in the heart of Perth’s CBD. The development’s centrepiece is a premium-grade, 45-level office tower incorporating the latest in workplace design over 75,000 square metres (807,300 square feet) of which BHP Billiton is the anchor tenant. City Square will create new civic space in Perth’s CBD through a unique heritage retail area, which will include the restoration of some of the city’s most important historical buildings. In total, the project will comprise a net lettable area of approximately 86,000 square metres (925,700 square feet). City Square is fully owned, managed and built by Brookfield and its subsidiaries.
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This press release contains forward-looking statements and information within the meaning of applicable securities legislation. Although Brookfield Office Properties believes that the anticipated future results, performance or achievements expressed or implied by the forward-looking statements and information are based upon reasonable assumptions and expectations, the reader should not place undue reliance on forward-looking statements and information because they involve assumptions, known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking statements and information. Accordingly, the company cannot give any assurance that its expectations will in fact occur and cautions that actual results may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those set forth in the forward-looking statements and information include, but are not limited to, general economic conditions; local real estate conditions, including the development of properties in close proximity to the company’s properties; timely leasing of newly-developed properties and re-leasing of occupied square footage upon expiration; dependence on tenants' financial condition; the uncertainties of real estate development and acquisition activity; the ability to effectively integrate acquisitions; interest rates; availability of equity and debt financing; the impact of newly-adopted accounting principles on the company's accounting policies and on period-to-period comparisons of financial results; and other risks and factors described from time to time in the documents filed by the company with the securities regulators in Canada and the United States, including in the Annual Information Form under the heading “Business of Brookfield Properties – Company and Real Estate Industry Risks,” and in the company’s most recent interim report under the heading “Management’s Discussion and Analysis.” The company undertakes no obligation to publicly update or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, except as required by law.